Arab Today, arab today oil slides after iran snubs output freeze deal
Last Updated : GMT 14:48:50
Arab Today, arab today
Arab Today, arab today

Oil slides after Iran snubs output freeze deal

Arab Today, arab today

Arab Today, arab today Oil slides after Iran snubs output freeze deal

US benchmark West Texas Intermediate (WTI)
London - AFP

 World oil prices fell sharply on Monday after Iran reportedly announced over the weekend that it would not to join a proposed output freeze by crude producers.

Around 1200 GMT, US benchmark West Texas Intermediate (WTI) for delivery in April was down 88 cents at $37.62 a barrel.

Brent North Sea crude for May delivery sank $1.04 to $39.35 a barrel compared with Friday's close.

"Iran made it clear at the weekend that it only intends to sign up to the oil production cap once it has reached a production level of 4.0 million barrels per day," said Commerzbank analyst Carsten Fritsch.

"This reduces the chances of any wide-scale agreement on production caps. Kuwait for example had made Iran's participation a condition for its own involvement."

A March 20 meeting in Russia to discuss an output freeze seems increasingly unlikely if Iran does not participate in the talks, led by OPEC kingpin Saudi Arabia.

Russia and Saudi Arabia mooted the meeting after an increase in global production in January added to a supply glut that sent prices plunging, hitting 13-year lows on February 11 with US crude futures at $26.05 and Brent trading below $30.

Tehran is reported to have said that it would join a planned meeting between producer giants on output only after its output has reached pre-sanction levels of 4.0 million barrels per day.

Despite Monday's losses, the oil market has rebounded in recent weeks, with WTI touching a three-month high and Brent breaching the $41 mark last Wednesday.

Inenco energy trader Dorian Lucas argued that the prospect of an output freeze was still curtailing losses for oil prices.

"The spectre of possible collaborative production cuts limited losses," he said on Monday.

The Paris-based International Energy Agency said on Friday that oil prices may have "bottomed out" after a 20-month rout.

Phillip Futures analyst Daniel Ang said selling pressure set in Monday as traders took profit following last week's rally.

"We are seeing a lot of testing at this price," he told AFP.

"Traders are selling at a high level, which explains the prices dipping this morning. But some of it also comes from Iran's announcement about not cutting back oil production," he added.

Traders are also watching a meeting of US Federal Reserve policymakers on Tuesday and Wednesday, with attention on whether they will announce another interest rate hike.

A rate increase is a boost to the dollar, which would make dollar-priced oil more expensive, hurting demand.

The Fed raised rates for the first time in nearly a decade in December.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil slides after iran snubs output freeze deal Arab Today, arab today oil slides after iran snubs output freeze deal

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil slides after iran snubs output freeze deal Arab Today, arab today oil slides after iran snubs output freeze deal

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today IS caliphate's end 'in sight' after Raqa fall

GMT 14:48 2017 Sunday ,22 October

IS caliphate's end 'in sight' after Raqa fall
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday